Modular Home Mortgage

A modular home, also called a mobile or
manufactured home, is a permanent home that’s
designed for year round living. It’s said that
over thirty two percent of single families
currently live in modular homes. Modular homes
are moveable. They are built on a permanent
chassis and can be moved by professional movers,
allowing you to place your modular home anywhere
you’d like, usually on a plot of land that you
also purchase from the modular home maker.

Of course, you can place your modular home on
your own plot of land if you have one, but you
should be sure to check your local land
regulations to make sure you’re staying within
the law. When you shop for a modular home from a
manufacturer, they will present you with modular
home mortgage options.

Shop Around For Low Rates

However, if the terms aren’t agreeable to you,
you can always shop around for your own modular
home mortgage. In fact, before you decide on any
one mortgage, it’s advisable that you do your
homework to ensure that you get the lowest
interest rate possible.

When you sit down with the agent at your modular
home office and are presented with the terms of
their modular home mortgage, they will run your
credit and then will determine your interest rate.
If your credit isn’t very good, you could end up
with an interest rate approaching twenty percent
or more. With that kind of modular home mortgage
rate, you have little chance of making good on
the mortgage any time soon. That’s why you should
take the information the agent gives you on the
modular home mortgage and you should compare that
information against other modular home mortgages.

To find other modular home mortgages, besides the
one presented to you by your modular home agent,
search online using your favorite search engine.
There are many companies who are waiting to do
business with you to offer you a modular home
mortgage that you can afford. Shop around, do
your homework and create a list stating the pros
and cons of each modular home mortgage. As you
complete your list, you should be able to pick
out one or two that are optimal for you. They
should be completely affordable and you should be
able to sustain the payments throughout the term
of the modular home mortgage.

It’s so easy to just accept the first modular
home mortgage you’re offered but that’s not a
good idea unless you want to be stuck with an
interest rate you can’t afford. So, do your
homework, just as you did when you picked out
your modular home and all its add-ons. Don’t get
stuck with a mortgage you can’t afford or soon
you could end up kicking yourself later. When you
move into your new modular home, you are planning
to make it your home for a long time, with an
interest rate on a mortgage that fits well within
your allotted budget.

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